In 1960, almost all workers could rely on a Defined Benefit pension. Today, just 26% have one.Source: Bureau of Labor Statistics (US)

The savings strategies that got you to this point are not necessarily the ones that will see you through. Lower interest rates, volatile markets, self-managed pensions, new tax rules, new investment products and accounts, all combine to make generating a reliable, tax-efficient income today different than for our parents' generation.

Common questions your peers ask us include:

At what age should I take my CPP?

When should I start taking an income from my RRSP?

Can I benefit from income splitting?

How do I plan for ever-rising health care costs?

How do I tax-effectively manage my company stock and options?

How do I tax-effectively generate an income from my holding company?

How to minimize my Old Age Security claw back?

It is also wise to consider your home and cottage equity. These may be an important source of income or be part of your strategy to leave a legacy.

During this next phase of life, your savings need to continue working for you. Research has shown that:

10% of your retirement income is expected to come
from the money you saved during your working years.

30% will come from the growth of your
savings before you retired.

However:
60% of your retirement income is expected
to come from the growth that occurs
during your retirement.

5. Leaving a meaningful legacy

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At The Farwell Group, we believe that estate planning is about life – now and in the future. Most importantly, estate planning is about the life of your family, your loved ones and the causes about which you care most.

You may share some of the common concerns voiced by your peers:

Protecting spendthrift beneficiaries

How to protect assets from a marriage breakdown

How to reduce my beneficiaries tax bill

How to reduce probate taxes

Keep the family cottage

Cover capital gains liabilities

Whatever your situation, there are tried and true strategies
available to leave your legacy to your family and favourite
charities. The tax-efficient retirement income and
estate plan we will create for you, help to ensure you have
the choice to leave a meaningful legacy.

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